Filing personal bankruptcy without losing my business
February 11th, 2015 by Questions
If I am the sole principal for a construction corporation which employs 15 plus people but with no assets and I elect to file for bankruptcy for personal reasons only. I have been told I cannot be the principal of the company while in personal bankruptcy and would have to either appoint someone else the principal or close the company. If I was to remove myself as the principal and assign it to my son or daughter who also work there what issues could result from this. Also can the creditors including the CRA try to obtain money from the corp that is payable to existing subcontractors for on going or new projects.
Posted from: Ontario